Some bigger picture, Emini swing trading charts today. This post updates the Multiple Time Frames setup described here and here.
Sine Wave Support and Resistance (Emini daily)
The Pullback signal on the weekly Emini chart caught the last swing trading high at 927. The move down from that signal was good for about 50 points before being "caught" by the Pullback signal on the daily Emini chart at 876 (shown above).
We have since rallied back up to 952 and hit resistance with an "End of Trend" warning signal on the Better Sine Wave.
Trend Line Break (Emini 45 minute)
On Friday we had a failed breakout into an uptrend on the 45 minute Trend Line chart. We then broke into a downtrend before retracing back up to "kiss" the trend line.
Losing Momentum (Emini 135 minute)
We’re also losing Momentum with each push upwards taking place on lower and lower volume. We’re running out of "juice" to take the rally past 950 and onto 1,000.
Rallies often fail when the Momentum bearish divergence signal happens right next to zero line (as we have now). But from time to time we also get a final exhaustion volume blow off.
Swing Trading Oscillators (Emini daily)
Lastly, we have all the swing trading Oscillators pointing down. The Better TRIN Oscillator turned first as usual about 3 days ago. The Put Call Ratio and Smart Money Oscillators have also now turned down.
Monday’s trading activity will be critical. I went Short on Friday so I’m hoping for a breakdown. But who knows … Good luck with your Emini trading.
